Trump Voices Concern Over Weak Yen at Japan-US Summit
Japan's Finance Minister Satsuki Katayama revealed that US President Donald Trump expressed concern about the yen's weakness during a summit meeting with Japanese Prime Minister Sanae Takaichi. The discussion took place on September 22 in New York, where Takaichi met Trump on the sidelines of the UN General Assembly.
Katayama disclosed this information for the first time after consulting with the Prime Minister's Office. She stated that Prime Minister Takaichi told President Trump that an undervalued yen is problematic, aligning with their shared stance behind their July 31 coordinated intervention to counter excessive volatility and disorderly moves in the yen.
The dollar has been rallying against the yen and other major currencies due to strong US economic data, a hawkish Federal Reserve, and surging US bond yields. The benchmark 10-year Japanese government bond yield jumped to a 30-year high of 3.115 per cent on Friday following a steep selloff in the US market.
Katayama declined to comment on whether global rises in government bond yields were discussed at the Japan-US summit, but stated that she and Treasury Secretary Scott Bessent will continue to communicate closely on foreign exchange matters.